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Australia backs India’s participation in Association of Southeast Asian Nations (ASEAN) trade covenant

Australia backs India’s participation in Association of Southeast Asian Nations (ASEAN) trade covenant

Jun 02,2016

Australian High Commissioner Harinder Sidhu said Australia backing India’s growing participation in the economic architecture of the Asia-Pacific region.

The High Commissioner said Australia is keen to work with India to achieve a sufficiently determined Regional Comprehensive Economic Partnership (RCEP) outcome. RCEP agreed to involve the 10 ASEAN members and ASEAN’s six FTA partners, which include India and Australia.

convey a talk on “Pathways to Trade Liberalization” organized by the Australian High Commission and the Indian Council for analysis on International Economic Relations (ICRIER), the High Commissioner said the RCEP countries account for almost half of the world’s population, just about 30% of global GDP and over a quarter of world exports.

Australia supports India’s increasing participation in the economic architecture of the region. Our increasing reference to the ‘Indo-Pacific’, on behalf of the previous term of ‘Asia-Pacific’, reflects this desire to embrace India as a key contributor to building regional cooperation and integration,” the High Commissioner said.

She added that the RCEP provides an ideal forum in which India can support for shaping and influencing the rules governing trade and investment in the region. “Australia is anxious to work with India to achieve a sufficiently ambitious RCEP outcome”, she said. In addition to RCEP, the other FTA Australia and India are currently working on is the bilateral Comprehensive Economic Cooperation Agreement – or CECA.

The High Commissioner said this is an alliance that promises to deliver substantial benefits to both countries. For India, CECA will give reformed access to the world’s 12th largest economy — an affluent market with the world’s fifth highest per capita income will give tariff-free exports and fulfill the economic potential of the two countries.

The mutual relationship between the two countries is in such good shape, she said, “some have described it as having reached “a high watermark”.

Almost half a million, out of a total Australian population of 24 million, are of Indian origin. There are 53,000 Indian students studying in Australia today, the second largest source of overseas students.

 

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